Singapore’s Seatrium has secured a contract from South Korea’s Hyundai LNG Shipping to repair and upgrade the latter’s LNG carriers.
Strategic Partnership
The group, previously known as Sembcorp Marine and renamed as Seatrium following its merger with Keppel Offshore & Marine, said in a statement the favored customer contract is its first long-term strategic partnership agreement with a “leading” Korean LNG company for the repairs and upgrades of its LNG carriers.
Seatrium said the contract includes refuting a series of LNG carriers over the next two years, with responsibilities in joint planning, information, and experience sharing with Hyundai LNG Shipping.
It did not reveal the price tag of this deal.
The first LNG retrofit under the agreement scheduled for repairs in Seatrium’s Admiralty yard in Singapore is the 1994-built 125,182-cbm steam LNG carrier, Hyundai Utopia, in May 2024.
According to Hyundai LNG Shipping’s website, the company operates eight LNG carriers and one LNG bunkering vessel.
Conversion Deal
Six are Moss-type LNG carriers and two are membrane-type LNG carriers with ME-Gi engines.
Its website shows that Hyundai LNG Shipping also has eight LNG carriers on order in South Korea.
This is another contract win in the LNG carrier sector for Seatrium.
Seatrium recently secured a contract from Türkiye’s Karpowership to convert three LNG carriers into floating storage and regasification units.
The conversion deal includes an option for a fourth LNG carrier.
Prior to this, Seatrium renewed its long-term favored customer contract with units of Greece’s LNG shipping firm GasLog and UK-based LNG giant Shell.
Under the deal, Seatrium will provide ship repairs, refurbishment, and upgrading for their LNG carriers from 2024 to 2029, with an option for further renewal.
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Source: LNGprime
